The bank’s UK profile consists of 15 million savings customers. It is the first institution to launch such a major reunification campaign.
Under the terms outlined by the UK chancellor in the 2005 pre-budget report, a ‘dormant’ account is classed as an account that has not been used in more than 15 years. The money will always be the account holder’s property and can be reclaimed at any time.
Almost 75% of dormant accounts held by Halifax customers have a balance of less than GBP100, with the vast majority being savings accounts. The largest concentration of old and unused Halifax accounts is in London, with 24%, followed by the North of England with 18%.
Halifax will implement a series of activities to reunite relevant customers with their funds, including mailings, national and regional advertising and claim forms in all Halifax and Bank of Scotland branches. In addition, customers can reactivate their accounts and will receive any applicable interest on their full balance.
In other Halifax news, the bank has opened a new branch in Basingstoke and will hold a ‘premiere’ opening event on February 21, 2007. The opening is part of the company’s plans to establish 100 new branches across the South of England over the next five years. An additional 19 Halifax branches are planned to open before the end of 2007.
